Top Stocks Poised for Strong Earnings Growth in 2024

The article highlights four top-performing stocks in 2024, namely BellRing Brands, ResMed, NVIDIA, and Transdigm Group, which are expected to demonstrate impressive earnings growth, with rates ranging from 17.9% to 84.7%, and have garnered positive sentiment from analysts. These companies, operating in various industries such as nutrition, medical devices, technology, and aerospace, offer attractive investment opportunities for those seeking to capitalize on strong financial performance in 2024. This description focuses on the primary topic of identifying top-performing stocks with robust earnings growth, the main entities being the four companies mentioned, and the context of the global economy and investment opportunities in 2024. The description also highlights the significant actions of positive earnings growth and analyst sentiment, which will guide the AI in creating an accurate visual representation of the article's content.

author-image
Nitish Verma
New Update
Top Stocks Poised for Strong Earnings Growth in 2024

Top Stocks Poised for Strong Earnings Growth in 2024

As investors seek opportunities in the stock market, identifying companies with robust earnings growth and positive estimate revisions is crucial. Four stocks that stand out in 2024 for their impressive expected earnings growth are BellRing Brands (BRBR), ResMed (RMD), NVIDIA (NVDA), and Transdigm Group (TDG).

Why this matters: Identifying stocks with strong earnings growth can provide investors with a competitive edge in the market, helping them make informed decisions and potentially leading to higher returns. As the global economy continues to evolve, understanding which companies are poised for growth can also offer valuable insights into broader industry trends and market shifts.

To pinpoint these top performers, a set of stringent criteria was applied. The stocks needed a Zacks Rank of 1 (Strong Buy) or 2 (Buy), a 5-year historical EPS growth rate exceeding their industry average, a year-over-year earnings growth of at least 5% in the last reported fiscal year, and positive revisions to both current quarter and annual earnings estimates over the past four weeks.

BellRing Brands, a manufacturer and seller of nutrition products, tops the list with an expected earnings growth rate of 34.9% for the current year and a Zacks Rank of 1. ResMed, a designer and distributor of generators, masks, and related accessories, follows with a projected earnings growth rate of 17.9% and a Zacks Rank of 1.

NVIDIA, the worldwide leader in visual computing technologies and inventor of the graphic processing unit (GPU), boasts an impressive expected earnings growth rate of 84.7% for 2024 and holds a Zacks Rank of 2. Transdigm Group, a leading global designer, producer, and supplier of highly engineered aerospace components, rounds out the top four with an anticipated earnings growth rate of 21.7% and a Zacks Rank of 2.

These four companies have demonstrated the ability to consistently grow their earnings and have garnered positive sentiment from analysts, as evidenced by the upward revisions in their earnings estimates. With expected earnings growth rates ranging from 17.9% to 84.7%, these stocks present attractive investment prospects for those seeking to capitalize on strong financial performance in 2024.

Key Takeaways

  • Identify stocks with strong earnings growth for a competitive edge in the market.
  • 4 top stocks for 2024: BellRing Brands, ResMed, NVIDIA, and Transdigm Group.
  • Criteria: Zacks Rank 1/2, 5-yr EPS growth > industry avg, and positive estimate revisions.
  • Expected earnings growth rates: 34.9% (BRBR), 17.9% (RMD), 84.7% (NVDA), 21.7% (TDG).
  • These stocks present attractive investment prospects for 2024.